EU fines banks over rate-rigging [1]

 

BBC - 12/04/13

European Commission vice-president Joaquin Almunia describes the rate-rigging as "appalling examples of misconduct"
 

The European Commission has fined eight banks - including RBS - a total of 1.7bn euros (£1.4bn) for forming illegal cartels to rig interest rates.

The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements.

Video and more: BBC.co.uk [2]